Carmel Forks Over $95M For NYC Financial District Apartment

Law360, New York (January 23, 2014, 6:44 PM EST) -- California real estate investment group Carmel Partners has purchased a residential building at 15 Cliff St. in Manhattan's Financial District for $95 million, according to property records filed with the city on Wednesday.

Carmel, which owns two other assets in New York, acquired the property from local developer Lalezarian Properties LLC on Jan. 9, according to deeds filed with the NYC Department of Finance.

Lalezarian purchased the 158,477-square-foot building between John and Fulton streets in the Financial District from Rockrose Development Corp. in 2007, for about...